Osisko Metals Announces Drill Results With up to 21.00 Metres Grading 11.65% Zinc and 1.57% Lead

22 November 2022

MONTREAL, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company" or "Osisko Metals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce additional results from the 2022 definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. As the Company drives towards a feasibility study, this continuous drill program is designed to achieve an average drill spacing of approximately 30 metres within current mineral resources. This spacing is intended to upgrade resources presently classified as Inferred to the Indicated category in order to be used in the feasibility to be initiated in H2 2023.

Drill Hole Assay Composite Highlights:

  • X25-22-PP-020: 9.00 metres, grading 10.51% Zn and 3.52% Pb (14.03% Zn+Pb)
  • X61-22-PP-002: 11.50 metres, grading 9.37% Zn and 4.99% Pb (14.36% Zn+Pb)
  • X64-22-PP-002: 21.00 metres, grading 11.65% Zn and 1.57% Pb (13.22% Zn+Pb)
  • X68-22-PP-034: 6.00 metres, grading 12.73% Zn and 2.50% Pb (15.23% Zn+Pb)

Jeff Hussey, President & COO, commented: “We continue to be encouraged by the positive definition drilling results from Pine Point. A revised and updated mineral resource will be calculated and used for the feasibility study that we plan to initiate in 2023. On a zinc-only basis, Pine Point could potentially become a top ten global low-cost zinc-lead producer ranking fourth largest in the Americas, producing an exceptionally clean and high-grade zinc concentrate that would be sought after by any number of smelters and traders globally.”

In August of this year, the Company filed the 2022 Preliminary Economic Assessment (“PEA”) that included higher commodity prices and reduced dewatering volume estimates and associated costs. The PEA Update was prepared in collaboration with independent engineering firms BBA Inc., WSP Canada Inc., & Hydro-Resources Inc. (“HRI”). Please see the press release of July 13, 2022 for more details.

All intercepts reported below were within, or immediately adjacent to, the currently modelled and proposed open pit shells designed for the PEA. Further assay results are pending.

The results reported in Tables 1 & 2 below are within expectations for the infill program needed to convert the North Zone and West Zone deposits (X25, X61, X64, X68, Y53, Y62, and Z60) to the Indicated Mineral Resource category (See Map). In the North Zone, shallow zinc and lead sulphides were intersected between 16 and 82.7 metres vertical depth. Drilling at the X25 deposit in the West Zone intersected mineralization between 90 and 143.5 metres vertical depth.

All reported results are from Tabular-style deposits characterized by continuous, flat-lying mineralization. More vertically continuous Prismatic-style mineralization was locally encountered within the Tabular-style mineralization.

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